Credit Suisse analyst John Pitzer notes Micron (MU) confirmed that the Fuzhou Intermediate People's Court of Fujian Province, China notified two Chinese subsidiaries of Micron that it has granted a preliminary injunction against those entities in patent infringement cases filled by UMC (UMC) and Jinhua. While an unfavorable near-term event, the analyst notes that he considered this as a real potential given a history of and speedy somewhat biased rulings. Additionally, Pitzer says it removes headlines risk that has weighed on the stock, and continues to believe that the UMC/Jinhua claims are without merit. Further, the almost "meaningless" slap on the wrist by the China courts suggest that current U.S./China trade disputes are constraining the China Courts for fear of escalation, he contends. Pitzer reiterates an Outperform rating and $90 price target on Micron's shares.

Citi analyst Laura Chen upgraded UMC to Buy from Neutral with a NT$58 price target after the company posted better-than-expected Q1 results. UMC expects wafer shipments to rise by a low-single digit percentage quarter-over-quarter with average selling price staying firm, notes the analyst, who sees a "gradual improvement on the way."